RETIREMENT PLANS • Qualified Plans Myers & Shaw, P.A. offers employers comprehensive advice on the design, planning, and administration of all types of qualified retirement plans including 401(k), profit sharing, defined benefit, cross tested and ESOPs. As the rules and regulations regarding these benefits expand and become more complex, they have also become the focus of increased litigation and governmental regulation requiring increased legal attention. Our attorneys are uniquely prepared to provide the necessary legal advice. Not only do we assist employers with the more traditional side of retirement benefits, including administration advice, plan design advice, tax qualification advice, and advice regarding compliance with changing laws and regulations, but we also address the newer aspects of developing trends and new designs, including cash balance plans and conversions to easier to administer safe harbor plans. Some examples of our services include: • Design, implementation and advice regarding all types of qualified retirement plans: • Nonqualified Deferred Compensation Plans Myers & Shaw, P.A. offers assistance in the design, implementation, and administration of nonqualified deferred compensation plans and stock based compensation programs including stock options and employee stock purchase programs. By providing incentives to management, directors and highly compensated employees, nonqualified plans can be a valuable addition to a company's benefits offering. Recent changes in tax laws impose significant new operational requirements on nonqualified deferred compensation programs that must be implemented in most cases during 2005. Myers & Shaw, P.A. can guide you through the complex and continually evolving laws and regulations that govern these types of plans. Stock based compensation programs like stock options and employee stock purchase plans allow an employer to align the financial interests of its employees with those of its shareholders. This win-win combination includes special tax benefits for programs that satisfy the requirements of applicable tax laws. Myers & Shaw, P.A. works with both public and private employers on the implementation and ongoing operation of these stock based programs. • 401(k) Designs Currently, the 401(k) savings plan is the clear favorite among corporate retirement plans for the accumulation of retirement savings. These seemingly simple plans in reality involve complexities that many employers are unprepared for. And, even the most informed and well meaning employer will need assistance from time to time in the administration, redesign, updating or termination of its 401(k) plan. Myers & Shaw, P.A. offers assistance to employers in understanding the myriad of rules that apply to these plans and complying with them. Our attorneys work with sponsoring employers to design and redesign plans, update them for changes in laws and regulations and administer them. Myers & Shaw, P.A. will also assist employers in establishing appropriate service contracts with the other entities that render services to the employer's 401(k) plans. • Employee Stock Ownership Plans Employees have more interest in driving their organization's success when they own part of the company. An Employee Stock Ownership Plan (ESOP) can stimulate productivity while creating significant financial and tax advantages for the plan sponsor. ESOPs are also advantageous tools used to provide financing for ongoing corporate activity as well as ownership transition opportunities for outgoing shareholders. ESOPs of Subchapter S corporations covering a broad base of rank and file employees offer extremely advantageous tax reduction to the sponsoring employer. Congress encourages the use of ESOPs in appropriate situations be offering numerous tax advantages to the ESOPs, their sponsoring employers and outgoing shareholders. Attorneys at Myers & Shaw, P.A. work with employers considering establishment of an ESOP as well as those who already have an ESOP in place. Our attorneys offer hard to find expertise on the special unique rules that apply to ESOPs and their sponsors. Attorneys at Myers & Shaw, P.A. are members ofthe ESOP Association, the National Center for Employee Ownership, and the National Association of Stock Plan Professionals. |
